Ahmed Shaker

Dubai Development launches its latest project OBSIDIER in the New Capital with an investment of 4 billion pounds

Ahmed Shaker: The company aims to expand the capital and pump 20 billion pounds during the years 2022 and 2023

Dubai Development Company announced the launch of its latest project OBSIDIER in the New Capital with a sales target exceeding 5 billion pounds.

The OBSIDIER project located in the Don Town area is a multi-use project, which contains commercial, administrative, medical and hotel units, over a total area of 13.5 thousand square meters and consists of 27 houses with 1,000 units between 660 hotel medical administrative units and 220 commercial units. The investment cost of the project is estimated at 4 billion pounds, said Ahmed Shaker, head of the commercial sector of Dubai Real Estate Development Company.

Shaker revealed that he had contracted with the consulting firm of Engineer Mehmet Talat to work on engineering, construction and consulting designs for the project, as well as with the largest international management firm.

The head of the commercial sector added that Dubai aims to contract the largest international brands, as negotiations are under way with a number of them.

Ahmed Shaker revealed the company's expansion plan, through which the company aims to invest approximately 20 billion pounds in the new administrative capital during the year 2022/2023, where negotiations are underway with the new administrative capital company to purchase a plot of land to implement a housing project and form a land portfolio through which the company can implement a package of projects in the administrative capital and it is scheduled to pump about one billion pounds as investments during the current year 2022 in the company's projects.

Shaker said that the company is striving to participate in the implementation of the country's development plan and to keep pace with its investment movements, especially the new administrative capital, which has become the country's first project and to which it has paid all attention to be the future of real estate not only for Egypt but for the whole world, adding that the new republic the New Capital will be a qualitative transfer that changes the investment map in Egypt and places it in the position of countries attractive to investment.

It is worth noting that the OBSIDIER project is the second project of Dubai Company after its first project Dubai Mall, which is a commercial entertainment complex in a prominent location in the R7 area, which is implemented on an area of 3.5 acres with a building area of 5,700 square meters per floor.

The company has a flexible, multiple payment system, including 10 years in advance, 15 years in advance, 7 years in advance, 20 years in advance, and 8 years in advance.

The company contracted with consulting firm for the engineering and construction design of the project, consulting for 65% of the business.